AB Multi-Manager Select 2045 Fund

Portfolio of Investments

October 31, 2019 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES - 99.5%
Funds and Investment Trusts - 99.5% (a)
AB Discovery Growth Fund, Inc.-Class Z (b)		208,792	$	2,348,911
AB Discovery Value Fund-Class Z (b)		162,920		3,165,529
AB Global Bond Fund, Inc.-Class Z (b)		340,031		2,934,465
AB Global Real Estate Investment Fund II-Class I (b)		191,630		2,372,380
AB Relative Value Fund-Class Z (b)		967,258		5,581,077
AB Unconstrained Bond Fund, Inc.-Class Z (b)		96,500		753,670
AQR International Defensive Style Fund-Class R6		117,797		1,585,548
Boston Partners Long/Short Research Fund-Class INS		301,832		4,720,652
DFA Commodity Strategy Portfolio		289,155		1,578,788
Franklin Growth Fund-Class R6		28,094		3,134,994
iShares Core S&P 500 ETF		68,970		21,033,781
MFS Institutional International Equity Fund		204,601		5,583,561
MFS Value Fund-Class R5		37,163		1,579,810
Schwab US Dividend Equity ETF		42,700		2,370,704
T. Rowe Price Emerging Markets Stock Fund-Class I		54,040		2,374,516
T. Rowe Price International Funds-International Discovery Fund-Class I		36,609		2,385,806
Vanguard FTSE Developed Markets ETF		243,239		10,313,333
Vanguard FTSE Emerging Markets ETF		75,307		3,151,598
Vanguard Short-Term Bond ETF		14,662		1,187,182
Vanguard Total Bond Market ETF		9,276		783,915
Total Investment Companies (cost $74,568,494)				78,940,220
SHORT-TERM INVESTMENTS - 0.4%
Investment Companies - 0.4%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.78% (a)(b)(c) (cost $307,699)		307,699		307,699
Total Investments - 99.9% (cost $74,876,193) (d)				79,247,919
Other assets less liabilities - 0.1%				108,615
Net Assets - 100.0%			$	79,356,534

(a) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(b) Affiliated investments.

(c) The rate shown represents the 7-day yield as of period end.

(d) As of October 31, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,829,136 and gross unrealized depreciation of investments was $(457,410), resulting in net unrealized appreciation of $4,371,726.

Glossary:

ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange

AB Cap Fund, Inc.

AB Multi-Manager Select 2045 Fund

October 31, 2019 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2019:

Investments in Underlying Portfolios:	Level 1		Level 2			Level 3			Total
Assets:
Investment Companies	$	78,940,220	$	– 0	–	$	– 0	–	$	78,940,220
Short-Term Investments		307,699		– 0	–		– 0	–		307,699
Total	$	79,247,919	$	– 0	–	$	– 0	–	$	79,247,919

A summary of the Fund’s transactions in AB mutual funds for the three months ended October 31, 2019 is as follows:

																	Distributions
Affiliated Issuer	Market Value 7/31/19 (000)			Purchases at Cost (000)		Sales Proceeds (000)			Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 10/31/19 (000)		Dividend Income (000)			Realized Gains (000)
AB Discovery Growth Fund, Inc.		2,290			312		75			– 0	–		(178	)		2,349		– 0	–		– 0	–
AB Discovery Value Fund		3,016			306		155			(1	)		– 0	–		3,166		– 0	–		– 0	–
AB Global Bond Fund, Inc.		3,215			1,394		1,697			50			(28	)		2,934		17			– 0	–
AB Global Real Estate Investment Fund II		2,217			9		20			1			165			2,372		9			– 0	–
AB Relative Value Fund		5,292			248		124			(3	)		168			5,581		– 0	–		– 0	–
AB Unconstrained Bond Fund, Inc.		– 0	–		758		– 0	–		– 0	–		(4	)		754		4			– 0	–
Government Money Market Portfolio		40			6,429		6,161			– 0	–		– 0	–		308		2			– 0	–
Total	$	16,070		$	9,456	$	8,232		$	47		$	123		$	17,464	$	32		$	– 0	–